Revenue is recognized at the time of sale under the:
A) Cost recovery method.
B) Collection method.
C) Percentage-of-completion method.
D) Instalment method.
E) Sales method when goods are sold on credit.

Question

Quizplus · Accepted Answer

Revenue is recognized at the time of sale under the Sales method when goods are sold on credit. This method recognizes revenue when title to the goods sold passes to the buyer, even though payment is not received until a later date.

Revenue Is Recognized at the Time of Sale Under The